Short Interest in Global X Rare Earth & Critical Materials ETF (NASDAQ:EART) Declines By 75.1%

Global X Rare Earth & Critical Materials ETF (NASDAQ:EART) was the target of a large drop in short interest in the month of May. As of May 29th, there was short interest totaling 27,763 shares, a drop of 75.1% from the May 14th total of 111,551 shares. Currently, 2.1% of the company’s shares are sold short. Based on an average daily trading volume, of 16,770 shares, the days-to-cover ratio is currently 1.7 days.

Global X Rare Earth & Critical Materials ETF Price Performance

NASDAQ EART traded up $1.70 during trading hours on Thursday, hitting $30.34. The company had a trading volume of 10,678 shares, compared to its average volume of 31,745. The firm’s 50 day moving average is $31.99 and its 200 day moving average is $30.84. Global X Rare Earth & Critical Materials ETF has a fifty-two week low of $15.62 and a fifty-two week high of $36.92. The company has a market capitalization of $40.96 million, a price-to-earnings ratio of -4,423.39 and a beta of 0.95.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in EART. Jane Street Group LLC acquired a new stake in shares of Global X Rare Earth & Critical Materials ETF during the fourth quarter valued at about $295,000. Envestnet Asset Management Inc. grew its stake in shares of Global X Rare Earth & Critical Materials ETF by 8.9% during the second quarter. Envestnet Asset Management Inc. now owns 11,663 shares of the company’s stock valued at $192,000 after acquiring an additional 957 shares in the last quarter. Cetera Investment Advisers grew its stake in shares of Global X Rare Earth & Critical Materials ETF by 11.1% during the second quarter. Cetera Investment Advisers now owns 12,005 shares of the company’s stock valued at $198,000 after acquiring an additional 1,199 shares in the last quarter. Truist Financial Corp acquired a new stake in shares of Global X Rare Earth & Critical Materials ETF during the third quarter valued at about $311,000. Finally, Susquehanna International Group LLP acquired a new stake in shares of Global X Rare Earth & Critical Materials ETF during the third quarter valued at about $368,000. 5.34% of the stock is owned by hedge funds and other institutional investors.

Global X Rare Earth & Critical Materials ETF Company Profile

The Global X Rare Earth & Critical Materials ETF seeks to invest in companies that produce rare earth components, metals, and other raw or composite materials essential to the expansion of critical technologies—such as electric vehicles, energy storage, robotics, and radar systems. Targeted companies include those involved in the exploration, mining, production, and/or enhancement of materials like rare earth elements, lithium, copper, cobalt, nickel, manganese, graphite, zinc, platinum, palladium, and carbon fiber.